NEW YORK CITY—SL Green Realty Corp. hascompleted what is believed to be the record purchase of 11Madison Ave. The REIT paid $2.285 billion plusapproximately $300 million in lease improvement costs for theproperty.
The 2.3-million-square-foot office property, which formerlyserved as the headquarters for what is nowMetLife, was purchased from a joint venture of theSapir Organization and the CIMGroup. SL Green announced on May 19th its intent toacquire the property. Globest.com reported atthe time that the deal was believed to be the largestsingle-building deal in the city's history.
The 11 Madison office building is now largely occupied byCredit Suisse. It also will serve as the newheadquarters for Sony Corp. of America, which soldits headquarters farther up the street, at 550 Madison Ave., inearly 2013.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
